Exempts transfers of residential real property between family members from inheritance tax.

This bill modifies New Jersey's inheritance tax laws to exclude residential real property from taxation when it is transferred between family members who already share ownership of the home. By adding a new exemption to the state's tax code, the legislation directly affects families passing down a jointly owned house to relatives without incurring additional inheritance fees. The change specifically defines "residential real property" to include single-family homes and condominium interests, ensuring the tax relief applies to these common property types. This adjustment aims to reduce the financial burden on families during estate transitions while leaving other inheritance tax rules unchanged.